How long does it take to build your credit score with a secure credit card?

Question

I need to build my credit again and planning on getting a secured credit card. My credit score now is 550 so i would like to raise it up to 700+. Just curious as to how long will it take to build my score up again? How much points does a person gain in a month? Thanks.

Answer 1

Check out information on www.americanloansearch.com

Most important thing is never have late payments or over drawn. Web site will give suggestions that may help get some derogatory marks off you report.

Answer 2

Secured credit cards generally do not report to your credit report.

There is no way you can predict on how long it will take it to build back up....and something significant had to have happened for your score to be lowered that much.

As far as how many points per month it will raise, NO ONE can give you that information. Credit scoring methods are propriatory information, and are not published nor made available to the public by the credit repositories that compile the scores.

I wish you luck.

Answer 3

You need to get a store credit card
with a small credit limit like:$250 - $500.

1) Use only 50% of your credit limit, never pass 50%.
2) Pay on-time everytime! even few days before the due date.
3) Wait 6 Months, Check your credit score again.

Good luck.

Answer 4

sort a million does not do plenty one way or yet another. At superb it fairly is offering long credit history. sort 2 is hurting you: scientific money owed do count sort aginst you. (If the call of a creditor shows that it fairly is a wellbeing element, like "maximum cancers midsection", then the CRAs will purely replace the call with "scientific Debt" while different lenders pull your document. They nonetheless count sort.) Having collections shows lenders you enable costs pass so delinquent. the only element for those is purely to enable time pass. sort 3 is hurting you: get that stability as on the factor of 0 as available. in spite of the fact that the FICO formula are secret, curiously while your utilization is going above 30% the score is going down. sort 4 is hurting you: value offs are like collections; does not look stable to lenders. Time is your buddy (or enemy) for credit rankings. you desire a protracted time with stable money. you apart from mght choose money owed to be open for a protracted time (not one account in keeping with 365 days for 10 years, yet quite one account open for 10 years). the business enterprise you have the secured card with would desire to transform it to a usual after 365 days of stable money (not a assured element yet user-friendly). Get a shop card or yet another secured card. Pay issues on time and wait. do not stay and die with the aid of the credit. there's no reason to rigidity with regard to the result revolving utilization (sort 3) has on your score each month; you in basic terms would desire to care once you're using for credit. Do pay your money owed on time and enable pass. stable success.

Answer 5

Does that secured card report to a credit bureau? Which one? How often? Most don't, so if this one doesn't, it won't help your credit at all.